A month after the new year, Stellar remains one of the most promising altcoins. In January, Stellar was very active: it tested the record high at $0.6000, although it started range trading afterwards. Even now, as the investors are still indecisive regarding the new trend for Stellar and the respective sentiment, the cryptocurrency is still trading within this range, as Dmitriy Gurkovskiy, Chief Analyst at RoboForex, says.
Bitcoin selloff is a key negative event for almost all altcoins, as its reputation got tarnished, and this influenced other cryptocurrencies accordingly. Meanwhile, Stellar as a platform and a technology is leading the way, performing better than Ethereum, its competition.
We have said before that Stellar is quickly gaining popularity over Ripple and Litecoin, as it enables fast and cheap transactions. Speed and flexible conditions are something that helps you conquer the market nowadays, and it looks like Stellar is heading the right way. As mentioned before, once Stellar technologies are fully approved at the highest business tier, the market cap and demand for this altcoin will be getting much higher. Alongside with developing public and private blockchain, Stellar may start supporting more fiat currencies (only two are supported as of now).
At the moment, Stellar is number 7 in the top 10 most popular cryptocurrencies; by the end of 2018, it may well enter the top 5.
Stellar price is falling in early February. This mid-week, the altcoin looked quite stable technically, with a correction uptrend on its way and the respective support being tested. It could be assumed that after this uptrend the price would revert to $0.4380-$0.4390, and this turned out exactly this way, but the selloff looks far stronger then it was supposed to be.
$0.3050 is now a significant low; to reach it, Stellar should first go through the resistance at $0.3500. This is quite possible, but, at the same time, one should not forget about the cryptocurrency market volatility and its ability to change the direction in a flash. The resistance at $0.5780-0,6000 is still important.
The short term trend is definitely descending; how long it will last depends on the sellers’ activity, which, for now, is very high.
Disclaimer
Any forecasts contained herein are based on the authors’ particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
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